Introduction: Organization of a
Trust Company for the Limited Purpose of Exercising Fiduciary Powers

Statutory requirements for the organization of a
bank or trust company are contained in Article XV of the Banking Law. To assist you in
meeting these requirements, we provide material outlining the procedures to be followed
and the information which incorporators should provide in a "Certificate of
Merit" supporting an application.

Prior to the preparation of a formal application,
an outline of the proposed business plan should be submitted to the Department of Financial Services. At
a minimum, the outline should include the rationale for organizing the proposed
institution, the market segment it expects to serve, the names and occupations of the
incorporators, the name and experience of the candidate for the position of Chief
Executive Officer and the proposed capitalization. If available, financial projections
should also be included.

Upon review of the plan, a Department representative will contact you to arrange a mutually convenient time to discuss the proposal.

If you have any questions concerning the application, please call (212) 709-1540.